Mangrove Partners IM LLC Purchases New Holdings in Kelly Services, Inc. $KELYA

Mangrove Partners IM LLC purchased a new stake in shares of Kelly Services, Inc. (NASDAQ:KELYA) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 70,304 shares of the business services provider’s stock, valued at approximately $619,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in KELYA. AQR Capital Management LLC increased its stake in Kelly Services by 24.3% during the first quarter. AQR Capital Management LLC now owns 373,269 shares of the business services provider’s stock valued at $4,916,000 after acquiring an additional 73,040 shares during the period. Millennium Management LLC increased its stake in Kelly Services by 8.5% during the first quarter. Millennium Management LLC now owns 1,188,264 shares of the business services provider’s stock valued at $15,649,000 after acquiring an additional 93,026 shares during the period. Empowered Funds LLC increased its stake in Kelly Services by 4.2% during the first quarter. Empowered Funds LLC now owns 214,829 shares of the business services provider’s stock valued at $2,829,000 after acquiring an additional 8,562 shares during the period. Quantbot Technologies LP increased its stake in Kelly Services by 16.0% during the second quarter. Quantbot Technologies LP now owns 29,357 shares of the business services provider’s stock valued at $344,000 after acquiring an additional 4,043 shares during the period. Finally, Invesco Ltd. increased its stake in Kelly Services by 1.5% during the second quarter. Invesco Ltd. now owns 472,191 shares of the business services provider’s stock valued at $5,529,000 after acquiring an additional 6,876 shares during the period. 76.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

KELYA has been the topic of several research reports. Zacks Research upgraded Kelly Services from a “strong sell” rating to a “hold” rating in a research note on Monday, April 20th. Wall Street Zen raised Kelly Services from a “sell” rating to a “hold” rating in a report on Sunday, February 22nd. Finally, Weiss Ratings downgraded Kelly Services from a “sell (d)” rating to a “sell (d-)” rating in a report on Monday, May 11th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Kelly Services has an average rating of “Hold” and a consensus target price of $15.00.

Kelly Services Stock Down 1.5%

NASDAQ KELYA opened at $11.45 on Wednesday. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.13. The stock’s 50 day moving average is $10.25 and its two-hundred day moving average is $9.63. The company has a market capitalization of $396.97 million, a price-to-earnings ratio of -1.51, a PEG ratio of 0.88 and a beta of 0.85. Kelly Services, Inc. has a 1-year low of $7.98 and a 1-year high of $14.94.

Kelly Services (NASDAQ:KELYA) last released its quarterly earnings data on Thursday, May 7th. The business services provider reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.04). The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Kelly Services had a negative net margin of 6.44% and a positive return on equity of 3.07%. Equities analysts forecast that Kelly Services, Inc. will post 1.01 earnings per share for the current fiscal year.

Kelly Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Monday, May 18th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Monday, May 18th. Kelly Services’s payout ratio is presently -3.95%.

Insider Activity at Kelly Services

In other Kelly Services news, CEO Christopher D. Layden bought 10,100 shares of Kelly Services stock in a transaction dated Tuesday, March 24th. The shares were acquired at an average cost of $8.80 per share, with a total value of $88,880.00. Following the acquisition, the chief executive officer directly owned 382,513 shares of the company’s stock, valued at $3,366,114.40. The trade was a 2.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Vanessa Peterson Williams sold 29,999 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $9.78, for a total value of $293,390.22. Following the completion of the transaction, the executive vice president directly owned 82,355 shares in the company, valued at $805,431.90. The trade was a 26.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.40% of the stock is owned by insiders.

Kelly Services Profile

Kelly Services, Inc is a global workforce solutions provider specializing in talent acquisition and staffing services across a wide range of industries. The company offers temporary staffing, permanent placement, outsourcing solutions, and consulting services to help organizations address their workforce needs. Its service offerings are designed to support clients in areas such as administrative support, information technology, engineering, science, education, healthcare, and industrial sectors.

Founded in 1946 by William Russell Kelly, Kelly Services has grown from a small local staffing firm into an international organization.